Mattress Tub & Past CFO died in fall from NYC constructing

Mattress Tub & Past Inc. Chief Monetary Officer Gustavo Arnal fell to his dying from a skyscraper in Manhattan’s Tribeca neighborhood on Friday. 

The Union, New Jersey-based firm confirmed in an announcement Sunday it was Arnal who died. Earlier, the New York Police Division named the individual as 52-year-old Arnal, resident of 56 Leonard Avenue — also called the Jenga Constructing. The New York Metropolis Medical Examiner’s Workplace dominated the dying a suicide, in response to the New York Instances. 

“I want to prolong our sincerest condolences to Gustavo’s household. Gustavo can be remembered by all he labored with for his management, expertise and stewardship of our firm,” Harriet Edelman, unbiased chair of the Mattress Tub & Past’s board of administrators, stated within the assertion. “Our focus is on supporting his household and his group and our ideas are with them throughout this unhappy and tough time.” 

Mattress Tub & Past retailer in Charlotte, North Carolina

Logan Cyrus/Bloomberg

Arnal was among the many Mattress Tub & Past executives who supplied particulars on Wednesday of the corporate’s turnaround plan, which included reducing 20% of jobs throughout its company and supply-chain operations and shutting about 150 lower-producing shops. The plan additionally envisioned new financing and the sale of as many as 12 million shares.

Arnal joined the retailer in Might 2020 because it navigated the coronavirus pandemic. He was beforehand with Avon Merchandise Inc., Walgreens Boots Alliance Inc. and Procter & Gamble Co. The New York Submit first reported Arnal’s dying. 

In a regulatory submitting final month, Mattress Tub & Past stated Arnal offered greater than 55,000 shares in a number of transactions on Aug. 16-17 as a part of a Rule 10b5-1 buying and selling plan entered into in April 2022. Such buying and selling plans are sometimes adopted by executives to promote inventory regularly. The gross sales garnered $1.four million, in response to Bloomberg calculations, and Arnal nonetheless had nearly 255,400 shares remaining.

Arnal was additionally considered one of a number of events, together with Mattress Tub & Past, named in a civil class motion securities fraud swimsuit filed Aug. 23 in federal courtroom in Washington, D.C. The criticism alleged that from March to August of this 12 months, the events artificially inflated Mattress Tub & Past shares. 

They “blatantly misrepresented the worth and profitability” of the corporate, inflicting it to report inflated income, in response to the submitting, which was first reported by Enterprise Insider. An e-mail despatched to Mattress Tub & Past outdoors regular enterprise hours looking for remark concerning the lawsuit wasn’t instantly returned.

The case is Si. v. Mattress Tub and Past, 22-cv-02541, U.S. District Courtroom for the District of Columbia (Washington, DC).

— With help from Jeannette Neumann, Eliza Ronalds-Hannon and Shamim Adam